KNA1 March 16, 2022 Counties, Historic Photos, Nairobi, Technology 0 The government is working with innovation hubs to lower entry barriers for ICT entrepreneurs and help scale their business in the country and beyond.
ICT, Innovation and Youth Affairs Cabinet Secretary Joe Mucheru said the delivery of digital transformation will involve all players in the ecosystem among them private sector actors. Cabinet Secretary, Ministry of ICT, Innovation and Youth Affairs, Joe Mucheru (left) and Safaricom’s Chief Executive Officer Peter Ndegwa (center), during the Fintech Innovation Week held at Safaricom’s Michael Joseph Center, Nairobi on Tuesday, 15th March 2022. Photo by Widen Ratemo He said the emergence of new technologies, cryptocurrencies and compatible virtual currency enabled apps and websites to offer a cheaper and more efficient transaction methods in Kenya and the entire Africa continent.
Mucheru mentioned that his ministry will hold discussions with relevant government ministries on how to implement technologies such as crypto currency and bitcon which are important to the nation.
“The potential benefit for Africa is witnessed through tech-entrepreneurs, e-commerce, as well as diaspora remittance senders and receivers,” said Mucheru and singled out financial technology as a major force of economic development that has the potential to shape the structure of the financial sector in Africa.
He also noted that the immutable systems built on the block-chain technology have the potential to seal corruption and revenue seepage loopholes, noting that the digitization of the land registry records will deter fraudulent acquisition and transfer of land across the country while the Huduma Namba, that will be used as the single source of identity to eliminate fraud.
“Most recently, we have witnessed how non-fungible tokens have taken the world by storm, with our very own Eliud Kipchoge’s videos highlighting his iconic marathon career moments being auctioned for Sh. 4 million.
The CS made the remarks during the official opening of the Inaugural Fintech Innovation Week, held at the Safaricom Michael Joseph Centre in Nairobi, which is part of the Safaricom Open Innovation Week.
He said over the years, the country has witnessed Safaricom’s transformation journey from a simple mobile technology communications service provider to the most valuable firm in East Africa, and one of the most valuable brands in the African Continent.
“Currently 95 per cent of Kenyans have access to financial services through mobile money services while Safaricom has recorded more than 30 million users on its platform through the many changes that have been […]
